Phoenix Arizona Real Estate Market Update - The Median Sales Price hit $400,000
The number of available properties for sale stayed above 7,000 and the Median Sales Price hit $400,000. What else is going on? Let’s get into it and take a closer look at the Phoenix Real Estate Market.
There are 7,149 Homes for Sale
28,122 Homes Sold over the Past 90 Days
The Inventory Absorption Rate is 22.87 Days
The Average Days on Market is 27
The List to Sales Price Ratio is 101.5%
The Average Sales Price is $502,755
The Average 1 Year ago was $377,841
1 Year Increase is 24.84%
Let’s go a little deeper…
We stayed just above 7,000 active properties for sale this week however the Median Sales Price is up 27% from last year. How could prices still be going up when there is more inventory and the Average Sales Price is going down? Well, sales are still very robust under $500,000 and are slowing over that at $750,00 and especially over $1M. Under $500,000 accounts for 74% of the sales. So as it slows down in the upper end as it is right now the average sales price will appear to be coming down but it isn’t. It is a good indicator of what is to come.
What trends are we seeing?
Properties that are nicely updated and upgraded are selling for quite a bit more and much faster. Homes that don’t show as well or need updating are staying on the market longer and not selling for over asking price.
The percentage of properties staying on the market longer than 14 days continues to be a factor in this. 7 weeks ago 53% of homes were staying on the market for 14 days or more, last week it was 60.5% and stayed this week at 60.5%.
What does this all mean?
We are still in an Extreme Seller’s Market but if you’re looking to sell buyers are pickier and are not willing to overpay for something unless it’s very nice. We’re entering a market where you’ll be competing for buyers if you want top dollar.
That’s it for this weeks market update. Please be sure to like or follow us. Stay safe out there and if you have any questions about the Phoenix Real Estate Market you know whom to call.
Text or Call Dean at 602-391-9434 with any of your #Arizona real estate questions.